The Web Portal Equator for Short Sales

By
Real Estate Agent with Long & Foster REALTORS®, Gainesville, VA VA License # 0225089470

Bank of America and Wells Fargo have streamlined their Short Sale review process by making it electronic.  About one year ago, Short Sale agents started hearing the term Equator.  It was a web portal through which Short Sale Listing Agents, Short Sale Sellers, Negotiators and Asset Managers would be able to communicate quickly and effectively.

The use of Equator has taken the multitude of documentation that used to be faxed, and given Short Sale Agents a place to upload them electronically.  It is more secure and documents are received without ever losing one single page (a common issue when faxing paperwork to banks for Short Sale Approval.)

Short Sale review time lines are likely to be dramatically reduced by the use of Equator. 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate General Information
Location:
Virginia Prince William County
Tags:
bank of america short sales
bank of americas equator
bank of america short sale time frames

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the envelope to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the robot to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Rainmaker
47,142
Carey Light
Keller Williams at Lake Nona - Orlando, FL
Keller Williams Realty

I had hoped this would shorten the process, however, in my case, I cannot tell that it is helping.  I have two submitted through Equator, one going on 6 months and the other over four.  I have heard rosier stories...just doesn't seem to be working for me!!

I am hopeful that all short sale processes will become more efficient for the sake of all our clients!

Thank you for the encouraging post...hopefully BOA will continue to improve.

 

Jun 15, 2010 05:16 PM #1
Ambassador
1,929,049
Chris Ann Cleland
Long & Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Northern VA

Carey I just closed my first Bank of America Equator Short Sale today.  Start to finish it took a little over four months.  Hang in there.

Jun 15, 2010 05:47 PM #2
Rainer
77,929
Katherine Fornale
REMAX REALTY 9 - Howell, NJ
SFR, GRI

I have the same problem as Carey.  One of them is a HELOC that took so long to approve that the first bank closed the file.  I am now redoing the first bank and I asked Bank of America (through Equator) for a 30 day extension.  My experience with Equator is they don't respond).  We'll see.

Jun 15, 2010 06:01 PM #3
Ambassador
1,929,049
Chris Ann Cleland
Long & Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Northern VA

Katherine:  We'll see how Equator's ratings go over time.  I've mostly heard good things so far.

Jun 15, 2010 06:05 PM #4
Rainmaker
403,559
Peggy James
Twins Selling Real Estate Team - Lake Ridge, VA
Lake Ridge Virginia Real Estate Specialist

Hi Chris Ann, I have Bank of America short sale that is finally Approved and will close on Friday! What I have learned is the Equator system works great until you run across a snag such as a low VA Appraisal. Normally this would be considered a speed bump in most contract negotiations. Not with Bank of America and the Equator System. The standard tasks take 10 days to be addressed or completed. Bank of America is not empowering their employee's like Wachovia Bank. Wachovia employee's call every week to give updates and check the status of the short sale once approved! I love doing Short Sales with Wachovia! 

Jun 15, 2010 09:46 PM #5
Ambassador
1,929,049
Chris Ann Cleland
Long & Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Northern VA

Peggy:  I had a low appraisal on my first BOA Equator short sale.  I think it depends on the investor.  Ours was ING.  They only took three days to decide on anything once it got to them.  I think having a good negotiator is also key.  Mine would tell me exactly what to do to get things expedited in the system.  Things I never would have figured out in Equator.

Jun 15, 2010 09:55 PM #6
Rainmaker
717,740
Jackie Connelly-Fornuff
Douglas Elliman Real Estate in Babylon NY - Babylon, NY
"Moving at The Speed of YOU!"

I love Equator. Makes things much easier.

Jun 16, 2010 07:43 AM #7
Ambassador
1,929,049
Chris Ann Cleland
Long & Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Northern VA

Jackie:  I think so too.  No more of the losing paperwork that literally could cause six to eight months for the sale to be approved. 

Jun 16, 2010 12:34 PM #8
Ambassador
1,741,244
Barbara-Jo Roberts Berberi & Corinna Birgit Cromartie
Charles Rutenberg Realty - Palm Harbor, FL
Palm Harbor & Dunedin FL Residential Real Estate

I have had so many problems dealing with that bank that I always attempt to avoid homes that are short sales and BOA is holding the mortgage!

Jun 17, 2010 10:23 AM #9
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the sunglasses to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Ambassador
1,929,049

Chris Ann Cleland

Associate Broker, Northern VA
Email Me For a Free CMA of Your Home's Value
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the foot to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase: